USD/JPY
So, on Friday, the USD/JPY pair marked resistance at 142.70 from below. The test was weak, so the price may fall to support at 141.23. Surpassing this level means that the target will be 140.35, where the level coincides with the embedded line of the price hyperchannel.
A significant correction is possible from this level unless there is a solid consolidation below it. The Marlin oscillator has discharged from the oversold territory (since December 14), and now the downward movement may resume.
On the 4-hour chart, the price has settled below both indicator lines, and Marlin is in negative territory, not attempting to break above the zero line. We await the logical end of a powerful downward wave that began on November 14.
